Prime Minister George Papandreou’s speech on Saturday evening in Thessaloniki was designed to reassure not only his Greek citizens that all would be well but also that those holding Greek sovereign debt would be getting their money back. The government’s top priority, he said, is “to save the country from bankruptcy.”
Collectivist statists from America to southern Europe are singing a familiar tune: The private sector is to blame for the economic nightmare that they have created. The Obama administration began complaining that businesses with cash were not instantly using that cash to hire employees, whether market conditions made that a prudent decision or not. Now the Greek government is issuing more bonds and, according to the condition of their second proposed bailout by the European Union, is being required to convince private investors to acquire the vast majority of the new debt of the Greek government.
China may soon be the largest economy in the world. It has always had those things required to be a giant on the world stage: industrious people culturally given to thrift, a large nation with diverse climatic conditions, and a huge population. As Dr. Thomas Sowell has pointed out in his brilliant studies of ethnic characteristics, throughout Asia the Chinese people have been the most financially successful.
A rare abortion debate has been incited among lawmakers in Britain, who are now reconsidering the nation’s approach to abortion. The debate is focused on whether clinics that are paid to perform abortions should also be permitted to give advice to women who are unsure of how to handle unwanted pregnancies. Unfortunately, the proposal to provide alternative sources for pre-abortion counseling was rejected by Members of Parliament today.
Those who are hoping for a more optimistic report of the global economic future should probably not read on. According to a report released by the Union Bank of Switzerland entitled “Euro Break Up-The Consequences,” the death of the euro is inevitable and the long-term effects of such an event will potentially include civil war, the collapse of international trade and sovereign default.
The global economy is facing a meltdown, according to World Bank President Robert Zoellick. “We are moving into a dangerous period,” he told Bloomberg Television at a Singapore interview. The chances of an American recession are made increasingly likely by the danger of an economic implosion in the eurozone.
Officials in Scotland have decided it is fit and proper to take obese children away from their parents. In particular, parents of four obese children had received warnings from officials regarding the weight of their children. As those warnings were not heeded, those officials proceeded to remove the children from their parent’s home.
Recent reports suggest that Libya is poised to become the third Islamic state established in the last decade with the help of the United States. On August 26 The New American reported that a draft constitution released by the Libyan Transitional National Council (TNC), the rebel group that has taken charge since the ouster of Col. Moammar Gadhafi, declares: “Islam is the religion of the state and the principal source of legislation is Islamic jurisprudence (sharia).” This wording is very similar to the post-U.S. invasion constitutions of Iraq and Afghanistan.
Documents discovered in the rebel-occupied capital of Libya offer evidence that the CIA assisted the now-deposed Libyan ruler Muammar el-Qaddafi in apprehending and jailing suspected terrorists. Those suspects include members of the rebel forces the United States and NATO have aided in toppling the Qaddafi regime.